Many people get confused between a Cosigner Contract Template and a Cosigner. The difference is that a Cosigner is a person who backs the lender, a mortgage cosigner is someone who is cosigning for the borrower.
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When you are deciding to get a cosigner, you need to understand the difference between the two. The mortgage lender will need to know about the cosigner to make sure they are making a good decision and will not default on the loan. So how do you go about getting the lender to approve you as a cosigner?
You can submit the documentation that the lender asks for, the most important part of a cosigner is the cosigner’s signature. Most lenders will want the cosigner to be over 18 years old, have a steady job with a bank account and a stable source of income for at least 6 months before they can go ahead and approve you as a cosigner.
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When your lender approves you as a cosigner, you are then able to borrow from the lender. If you are approved as a cosigner, you will be responsible for the loan and interest only if you pay it back on time. The interest rate will be determined by the lender based on your ability to pay and the type of loan you are taking out.
The only downside to being a cosigner is that you may be charged an interest rate that is much higher than the rate that the loan was supposed to be paid at. Most lenders will charge you about 7% for a 30-year loan, so be prepared to pay it back!
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Before you sign on the dotted line and allow yourself to be turned down by the lender, you want to consider other options that may be available to you. You can ask for a hardship letter from the cosigner, if you are about to get turned down by the lender, you may want to see if you can take care of the cosigner and just pay the loan with the cosigner’s money and save yourself the hassle.
One of the benefits of a cosigner is that the lender knows that the cosigner can pay the loan back. Some borrowers that were turned down before may be able to have their loans renewed, as long as the cosigner can prove that they can pay the loan back. When you apply as a cosigner, the lender will require the cosigner to sign a contract that states the cosigner has consented to the lender accepting the property as payment.
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Before you sign on the dotted line, be sure to look at other options that may be available to you when it comes to a loan application. Consider a second mortgage, or even an offer in compromise if the cosigner agrees to help with the payments for the loans until the cosigner can pay them off.
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